The Distributional Effects Of An Investment Based Social Security System PDF Download
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Author | : Martin Feldstein |
Publisher | : University of Chicago Press |
Total Pages | : 479 |
Release | : 2007-11-01 |
Genre | : Political Science |
ISBN | : 0226241890 |
Download The Distributional Aspects of Social Security and Social Security Reform Book in PDF, ePub and Kindle
Social security is the largest and perhaps the most popular program run by the federal government. Given the projected increase in both individual life expectancy and sheer number of retirees, however, the current system faces an eventual overload. Alternative proposals have emerged, ranging from reductions in future benefits to a rise in taxrevenue to various forms of investment-based personal retirement accounts. As this volume suggests, the distributional consequences of these proposals are substantially different and may disproportionately affect those groups who depend on social security to avoid poverty in old age. Together, these studies persuasively show that appropriately designed investment-based social security reforms can effectively reduce the long-term burden of an aging society on future taxpayers, increase the expected future income of retirees, and mitigate poverty rates among the elderly.
Author | : Mark Huggett |
Publisher | : London : Department of Economics, University of Western Ontario |
Total Pages | : 56 |
Release | : 1998 |
Genre | : Social security |
ISBN | : |
Download On the Distributional Effects of Social Security Reform Book in PDF, ePub and Kindle
Author | : Patricia Ruggles |
Publisher | : |
Total Pages | : 26 |
Release | : 1989 |
Genre | : Income |
ISBN | : |
Download Impacts of Social Security Trust Fund Policies on Family Income Book in PDF, ePub and Kindle
Author | : Jeffrey R. Brown |
Publisher | : University of Chicago Press |
Total Pages | : 473 |
Release | : 2009-12-15 |
Genre | : Business & Economics |
ISBN | : 0226076504 |
Download Social Security Policy in a Changing Environment Book in PDF, ePub and Kindle
Social Security Policy in a Changing Environment analyzes the changing economic and demographic environment in which social insurance programs that benefit elderly households will operate. It also explores how these ongoing trends will affect future beneficiaries, under both the current social security program and potential reform options. In this volume, an esteemed group of economists probes the challenge posed to Social Security by an aging population. The researchers examine trends in private sector retirement saving and health care costs, as well as the uncertain nature of future demographic, economic, and social trends—including marriage and divorce rates and female participation in the labor force. Recognizing the ambiguity of the environment in which the Social Security system must operate and evolve, this landmark book explores factors that policymakers must consider in designing policies that are resilient enough to survive in an economically and demographically uncertain society.
Author | : Michael D. Hurd |
Publisher | : |
Total Pages | : 58 |
Release | : 1983 |
Genre | : Age groups |
ISBN | : |
Download The Distributional Impact of Social Security Book in PDF, ePub and Kindle
In the first part of the paper we report estimated transfers in the Social Security system for the Retirement History Survey sample.We define transfers to be the difference between the expected presentvalue of benefits less the present value of taxes paid in, where the latter is adjusted for the probability of living to reach retirement age.Unlike previous researchers we, therefore, account for the taxes paid by people who died before retirement, and it turns out this adjustment is important for some groups. The Retirement History Survey cohort will receive large transfers: roughly benefits will be about four times taxes,and the real internal rate of return will be about eight percent. We study how transfers vary by a comprehensive measure of wealth. People in the highest wealth quartile have the largest absolute transfers, and their internal rate of return is as high as that of any wealth quartile.In the second part of the paper we study transfers forsix synthetic cohorts, the heads of which are age 65 in the ten-year intervals 1970 through 2020. Within each cohort 12 families are defined according to earnings levels.We find that transfers are positive and large for the 1970 cohort, and that they decline steadily until they are negative for most groups in the 2020 cohort. Although high earners initially have the largest transfers in the 1970 cohort, they have the largest negative transfers in the 2020 cohort.
Author | : Martin Feldstein |
Publisher | : University of Chicago Press |
Total Pages | : 484 |
Release | : 2008-04-15 |
Genre | : Political Science |
ISBN | : 0226241823 |
Download Privatizing Social Security Book in PDF, ePub and Kindle
This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
Author | : David Pattison (Writer on old age pensions) |
Publisher | : |
Total Pages | : 108 |
Release | : 1990 |
Genre | : Old age pensions |
ISBN | : |
Download Simulating Aggregate and Distributional Effects of Various Plans for Modifying the Retirement Earnings Test Book in PDF, ePub and Kindle
Author | : Edward N. Wolff |
Publisher | : |
Total Pages | : 42 |
Release | : 1991 |
Genre | : Social security |
ISBN | : |
Download Social Security Annuities and Transfers Book in PDF, ePub and Kindle
Author | : Marcy Avrin |
Publisher | : |
Total Pages | : 72 |
Release | : 1981 |
Genre | : Income distribution |
ISBN | : |
Download Retirement Policy in an Income Distributional Framework Book in PDF, ePub and Kindle
Author | : Martin S. Feldstein |
Publisher | : |
Total Pages | : 94 |
Release | : 2000 |
Genre | : Income distribution |
ISBN | : |
Download The Distributional Effects of an Investment-based Social Security System Book in PDF, ePub and Kindle
In this paper we study the distributional impact of a change from the existing pay-as-you-go Social Security system to one that combines both pay-as-you-go and investment-based elements. Critics of investment-based plans have been concerned that such plans might reduce the retirement income of low-paid workers or of surviving spouses relative to what they would get from Social Security, and might therefore increase the extent of poverty among the aged. Our analysis in this paper shows that this is generally not the case, even in plans that make no special effort to maintain or increase redistribution. Our principal finding is that virtually all of the demographic groups that we examine would receive higher average benefits under a mixed system with an investment-based component than the benefits that they would receive under current Social Security rules. There would also be a smaller share of individuals with benefits below the poverty line even though the total cost of funding the mixed system -- a three percent saving contribution rather than a six percent rise in the tax rate -- is substantially lower than that of funding the pay-as-you-go system. Our individual-level data permit us to go beyond comparing group means to analyze the full distribution of the benefits that individuals would receive under the two different systems. These comparisons show that the overwhelming majority of individuals would have higher benefits with the investment-based system than with the pure pay-as-you-go system. The relatively small number of individuals who would receive less from the investment-based system is further reduced when the effects of the Supplementary Security Income program is taken into account. These basic conclusions remain true even if the future rate of return in the investment-based component of the mixed system is substantially less than past experience implies.